Philip Morris: A Good Investment With Great Growth Potential

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 |  About: Philip Morris International Inc. (PM), Includes: BMY, DUK, GIS, MO
by: Tactical Investor

Philip Morris International (NYSE:PM) is a leading international tobacco company, with products sold in approximately 180 countries. In 2011, the company held an estimated 16% share of the international cigarette market outside of the U.S., or 28.1% excluding the People's Republic of China and the U.S. In terms of market share, it is the number one company in 13 markets and number two in a further nine of the 30 largest markets by cigarette industry size.

We like Philip Morris (PM) for the following reasons

It has very strong levered free cash flow of $9.22 billion.

It has a decent quarterly earnings and revenue growth rate of 7.6% and 9% respectively.

Net income has surged from $6.3 billion in 2009 to $8.5 billion in 2011, an increase of over 36%.

Cash flow per share has increased from $3.83 in 2009 to $5.55 in 2011, an increase of 44%.

EBITDA has increased from $10.8 billion in 2009 to $14.3 billion in 2011.

It sports a decent five year dividend of 4.3%.

A manageable payout ratio of 63%.

An acceptable current ratio of 1.00.

Even though the quick ratio is weak, the strong interest coverage ratio of 15.7, which compensates for this shortfall.

It has a strong total three year return of 174%.

It has increased dividends from day one.

It has a very strong three year dividend growth rate of 23%.

It has a good free cash flow yield of almost 7%.

It reported diluted EPS of $4.85 in 2011 compared to $3.92 in 2010, an increase of 23.7%.

Volume of cigarette increased by 1.7%.

For 2011, net revenues came in at $3.1 billion an increase $14.3%.

It exceeded its one year gross productivity and savings target of $250 million.

Free cash flow increased by 10.4% to 9.6 billion in 2011.

It increased its quarterly dividend during the year by 20%; the annual rate now stands at $3.08.

It repurchased 80.5 million shares of common stock for $5.4 billion.

100K invested for four years would have grown to 173K.

3 year share repurchase program

It would be wise to get a handle on some of the key metrics mentioned below. A significant portion of the historical data used in this article was obtained from zacks.com.

Long-term debt-to-equity ratio is the total long term debt divided by the total equity. The amount of long-term debt a company carries on its balances sheet is very important for it indicates the amount of money a company owes that it doesn't expect to pay off in the next year. A balance sheet that illustrates that long term debt has been decreasing for a few years is a sign that the company is doing well. When debt levels fall, and cash levels increase the balance sheet is said to be improving and vice versa. If a company has too much debt on its books, it could end up being overwhelmed with interest payments and risk having too little working capital which could in the worst case scenario lead to bankruptcy.

Free cash flow yield is obtained by dividing free cash flow per share by the current price of each share. Generally lower ratios are associated with an unattractive investment and vice versa. Free cash flow takes into account capital expenditures and other ongoing costs associated with the day-to-day to functions of the business. In our view free cash flow yield is a better valuation metric then earnings yield because of the above factor

Levered free cash flow is the amount of cash available to stock holders after interest payments on debt are made. A company with a small amount of debt will only have to spend a modest amount of money on interest payments, which in turn means that there is more money to send to shareholders in the form of dividends and vice versa.

Operating cash flow is generally a better metric than earnings per share because a company can show positive net earnings and still not be able to properly service its debt. The cash flow is what pays the bills.

The payout ratio tells us what portion of the profit is being returned to investors. A payout ratio over 100% indicates that the company is paying out more money to shareholders than they are making. This situation cannot last forever. In general if the company has a high operating cash flow and access to capital markets, they can keep this going on for a while. As companies usually only pay the portion of the debt that is coming due and not the whole debt, this technique/trick can technically be employed to maintain the dividend for sometime. If the payout ratio continues to increase, the situation warrants close monitoring as this cannot last forever. If your tolerance for risk is a low, look for similar companies with the same or higher yields, but with lower payout ratios. Individuals searching for other ideas might find this article to be of interest 5 Dividend Champs With Excellent Yields.

Interest coverage is usually calculated by dividing the earnings before interest and taxes for a period of one year by the interest expenses for the same time period. This ratio informs you of a company's ability to make its interest payments on its outstanding debt. Lower interest coverage ratios indicate that there is a larger debt burden on the company and vice versa. For example if a company has an interest ratio of 11.8, this means that it covers interest expenses 11.8 times with operating profits.

ROE is obtained by dividing the net income by share holder's equity. It measures how much profit a company generates with the money shareholders have invested in it.

Quick ratio or acid-test is obtained by adding cash and cash equivalents plus marketable securities and accounts receivable dividing them by current liabilities. It is a measure of a company's ability to use its quick assets (assets that can be sold of immediately at close to book value) to pay off its current liabilities immediately. A company with a quick ratio of less than 1 cannot pay back its current liabilities. Additional key metrics are addressed in this article Is Annaly Capital A Good Long Term Play?

Company: Philip Morris

Levered Free Cash Flow = 9.22B

Basic Key ratios

Percentage Held by Insiders = 0.34

Market Cap ($mil) = 145584

Number of Institutional Sellers 12 Weeks = 1

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 8591

Net Income ($mil) 12/2010 = 7259

Net Income ($mil) 12/2009 = 6342

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 18.35

Q Net Incm this Q/ same qtr yr ago = 7.65

EBITDA ($mil) 12/2011 = 14325

EBITDA ($mil) 12/2010 = 12132

EBITDA ($mil) 12/2009 = 10893

Net Incm Rpt Qtr ($mil) = 1886

Anl Net Incm this Yr/ Net Incm last Yr = 18.35

Cash Flow ($/sh) 12/2011 = 5.55

Cash Flow ($/sh) 12/2010 = 4.46

Cash Flow ($/sh) 12/2009 = 3.83

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 76346

Sales ($mil) 12/2010 = 67713

Sales ($mil) 12/2009 = 62080

Dividend history

Div Yield = 3.64

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 4.3

Annual Dividend 12/2011 = 2.82

Annual Dividend 12/2010 = 2.44

Forward Yield = 3.64

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.87

Dividend sustainability

Payout Ratio 09/2011 = 0.63

Payout Ratio 06/2011 = 0.65

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.66

Payout Ratio 5 Yr Avg 06/2011 = 0.66

Change in Payout Ratio = -0.03

Performance

% Ch Price 52 Wks Rel to S&P 500 = 28.44

Std Dev Target Price Est = 4.16

Avg EPS Surprise Last 4 Qtr = 6.47

EPS % Change F2/F1 = 11.09

Next 3-5 Yr Est EPS Gr rate = 10

Std Dev 3-5 Yr Est EPS Gr rate = 1.41

EPS Gr Q(1)/Q(-3) = -113.4

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 15.54

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 139.04

ROE 5 Yr Avg 06/2011 = 125.07

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 50.3

Return on Investment 06/2011 = 48.05

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 67.43

Debt/Tot Cap 5 Yr Avg 06/2011 = 65.48

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 1

Current Ratio 06/2011 = 0.94

Curr Ratio 5 Yr Avg = 1.3

Quick Ratio = 0.46

Cash Ratio = 0.24

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = 15.7

Interest Coverage 06/2011 = 19.15

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 0.32

Book Value Qtr ($/sh) 06/2011 = 1.39

Anl EPS before NRI 12/2007 = 2.8

Anl EPS before NRI 12/2008 = 3.24

Anl EPS before NRI 12/2009 = 3.29

Anl EPS before NRI 12/2010 = 3.87

Anl EPS before NRI 12/2011 = 4.88

Price/ Book = 266.54

Price/ Cash Flow = 15.24

Price/ Sales = 1.91

EV/EBITDA 12 Mo = 11.02

P/E/G F1 = 1.59

Q1 Std Dev/ Consensus = 0.03

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.9

P/E F1/ LT EPS Gr = 1.59

Std Dev Cons Current Qtr = 0.03

Median Est Next Qtr = 1.39

# Anlst in Cons Q3 = 7

Other interesting companies

Company: Duke Energy Cp (NYSE:DUK)

Levered Free Cash Flow = -1.43B

Basic Key ratios

Percentage Held by Insiders = 0.56

Market Cap ($mil) = 28109

Number of Institutional Sellers 12 Weeks = 3

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 1706

Net Income ($mil) 12/2010 = 1320

Net Income ($mil) 12/2009 = 1075

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 29.24

Q Net Incm this Q/ same qtr yr ago = -32.55

EBITDA ($mil) 12/2011 = 5350

EBITDA ($mil) 12/2010 = 5044

EBITDA ($mil) 12/2009 = 4428

Net Incm Rpt Qtr ($mil) = 288

Anl Net Incm this Yr/ Net Incm last Yr = 29.24

Cash Flow ($/sh) 12/2011 = 2.98

Cash Flow ($/sh) 12/2010 = 2.93

Cash Flow ($/sh) 12/2009 = 2.63

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 14529

Sales ($mil) 12/2010 = 14272

Sales ($mil) 12/2009 = 12731

Dividend history =

Div Yield = 4.75

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 5.39

Annual Dividend 12/2011 = 0.99

Annual Dividend 12/2010 = 0.97

Forward Yield = 4.75

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.94

Dividend sustainability

Payout Ratio 09/2011 = 0.69

Payout Ratio 06/2011 = 0.7

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.69

Payout Ratio 5 Yr Avg 06/2011 = 0.69

Change in Payout Ratio = -0.01

Performance

% Ch Price 52 Wks Rel to S&P 500 = 12.88

Std Dev Target Price Est = 1.17

Avg EPS Surprise Last 4 Qtr = 10.53

EPS % Change F2/F1 = 4.23

Next 3-5 Yr Est EPS Gr rate = 4.67

Std Dev 3-5 Yr Est EPS Gr rate = 0.58

EPS Gr Q(1)/Q(-3) = -114.29

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 0.44

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 8.64

ROE 5 Yr Avg 06/2011 = 8.79

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 4.77

Return on Investment 06/2011 = 4.72

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 39.2

Debt/Tot Cap 5 Yr Avg 06/2011 = 39.05

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 1.25

Current Ratio 06/2011 = 1.23

Curr Ratio 5 Yr Avg = 1.25

Quick Ratio = 0.96

Cash Ratio = 0.61

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = 2.83

Interest Coverage 06/2011 = 4.18

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 17.16

Book Value Qtr ($/sh) 06/2011 = 17.2

Anl EPS before NRI 12/2007 = 1.25

Anl EPS before NRI 12/2008 = 1.21

Anl EPS before NRI 12/2009 = 1.22

Anl EPS before NRI 12/2010 = 1.43

Anl EPS before NRI 12/2011 = 1.46

Price/ Book = 1.23

Price/ Cash Flow = 7.07

Price/ Sales = 1.94

EV/EBITDA 12 Mo = 8.32

P/E/G F1 = 3.19

Q1 Std Dev/ Consensus = 0.04

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0

P/E F1/ LT EPS Gr = 3.19

Std Dev Cons Current Qtr = 0.02

Median Est Next Qtr = 0.29

# Anlst in Cons Q3 = 4

Company: Altria Group (NYSE:MO)

Levered Free Cash Flow = 4.32B

Basic Key ratios

Percentage Held by Insiders = 0.24

Market Cap ($mil) = 61288

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 3390

Net Income ($mil) 12/2010 = 3905

Net Income ($mil) 12/2009 = 3206

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = -13.19

Q Net Incm this Q/ same qtr yr ago = -9.03

EBITDA ($mil) 12/2011 = 7051

EBITDA ($mil) 12/2010 = 7132

EBITDA ($mil) 12/2009 = 6353

Net Incm Rpt Qtr ($mil) = 836

Anl Net Incm this Yr/ Net Incm last Yr = -13.19

Cash Flow ($/sh) 12/2011 = 2.18

Cash Flow ($/sh) 12/2010 = 2.03

Cash Flow ($/sh) 12/2009 = 1.9

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 23800

Sales ($mil) 12/2010 = 24363

Sales ($mil) 12/2009 = 23556

Dividend history

Div Yield = 5.47

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 6.43

Annual Dividend 12/2011 = 1.58

Annual Dividend 12/2010 = 1.46

Forward Yield = 5.47

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.33

Dividend sustainability

Payout Ratio 09/2011 = 0.81

Payout Ratio 06/2011 = 0.83

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.73

Payout Ratio 5 Yr Avg 06/2011 = 0.72

Change in Payout Ratio = 0.08

Performance

% Ch Price 52 Wks Rel to S&P 500 = 14.14

Std Dev Target Price Est = 3.46

Avg EPS Surprise Last 4 Qtr = 0.51

EPS % Change F2/F1 = 7.03

Next 3-5 Yr Est EPS Gr rate = 7

Std Dev 3-5 Yr Est EPS Gr rate = 1.41

EPS Gr Q(1)/Q(-3) = -113.64

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = -18.91

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 77.54

ROE 5 Yr Avg 06/2011 = 74.33

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 23.9

Return on Investment 06/2011 = 23.12

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 55.27

Debt/Tot Cap 5 Yr Avg 06/2011 = 52.93

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.93

Current Ratio 06/2011 = 0.94

Curr Ratio 5 Yr Avg = 0.92

Quick Ratio = 0.7

Cash Ratio = 0.67

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = 4.37

Interest Coverage 06/2011 = 7.12

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 1.79

Book Value Qtr ($/sh) 06/2011 = 2.14

Anl EPS before NRI 12/2007 = 4.38

Anl EPS before NRI 12/2008 = 1.65

Anl EPS before NRI 12/2009 = 1.75

Anl EPS before NRI 12/2010 = 1.9

Anl EPS before NRI 12/2011 = 2.05

Price/ Book = 16.73

Price/ Cash Flow = 13.72

Price/ Sales = 2.58

EV/EBITDA 12 Mo = 10.09

P/E/G F1 = 1.95

Q1 Std Dev/ Consensus = 0.02

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.58

P/E F1/ LT EPS Gr = 1.95

Std Dev Cons Current Qtr = 0.01

Median Est Next Qtr = 0.57

# Anlst in Cons Q3 = 7

Company: Bristol-Myers (NYSE:BMY)

Levered Free Cash Flow = 5.30B

Basic Key ratios

Percentage Held by Insiders = 0.71

Market Cap ($mil) = 55015

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 3709

Net Income ($mil) 12/2010 = 3102

Net Income ($mil) 12/2009 = 10612

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 19.57

Q Net Incm this Q/ same qtr yr ago = 76.4

EBITDA ($mil) 12/2011 = 7782

EBITDA ($mil) 12/2010 = 6815

EBITDA ($mil) 12/2009 = 6309

Net Incm Rpt Qtr ($mil) = 852

Anl Net Incm this Yr/ Net Incm last Yr = 19.57

Cash Flow ($/sh) 12/2011 = 2.79

Cash Flow ($/sh) 12/2010 = 2.61

Cash Flow ($/sh) 12/2009 = 2.21

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 21244

Sales ($mil) 12/2010 = 19484

Sales ($mil) 12/2009 = 18808

Dividend history

Div Yield = 4.17

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 5

Annual Dividend 12/2011 = 1.32

Annual Dividend 12/2010 = 0.96

Forward Yield = 4.17

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.82

Dividend sustainability

Payout Ratio 09/2011 = 0.58

Payout Ratio 06/2011 = 0.6

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.7

Payout Ratio 5 Yr Avg 06/2011 = 0.72

Change in Payout Ratio = -0.12

Performance

% Ch Price 52 Wks Rel to S&P 500 = 18.94

Std Dev Target Price Est = 3.74

Avg EPS Surprise Last 4 Qtr = 3.2

EPS % Change F2/F1 = 0

Next 3-5 Yr Est EPS Gr rate = 1

Std Dev 3-5 Yr Est EPS Gr rate = 1.63

EPS Gr Q(1)/Q(-3) = -112.77

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 15.16

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 26.33

ROE 5 Yr Avg 06/2011 = 26.06

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 18.29

Return on Investment 06/2011 = 17.88

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 30.31

Debt/Tot Cap 5 Yr Avg 06/2011 = 31.14

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 1.97

Current Ratio 06/2011 = 2.03

Curr Ratio 5 Yr Avg = 1.9

Quick Ratio = 1.79

Cash Ratio = 1.31

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = N/A

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 9.36

Book Value Qtr ($/sh) 06/2011 = 9.64

Anl EPS before NRI 12/2007 = 1.38

Anl EPS before NRI 12/2008 = 1.74

Anl EPS before NRI 12/2009 = 1.85

Anl EPS before NRI 12/2010 = 2.16

Anl EPS before NRI 12/2011 = 2.28

Price/ Book = 3.48

Price/ Cash Flow = 11.7

Price/ Sales = 2.59

EV/EBITDA 12 Mo = 6.64

P/E/G F1 = 16.61

Q1 Std Dev/ Consensus = 0.09

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.89

P/E F1/ LT EPS Gr = 16.61

Std Dev Cons Current Qtr = 0.06

Median Est Next Qtr = 0.49

# Anlst in Cons Q3 = 11

Company: Genl Mills (NYSE:GIS)

Levered Free Cash Flow = 1.35B

Basic Key ratios

Percentage Held by Insiders = 0.26

Market Cap ($mil) = 24619

Number of Institutional Sellers 12 Weeks = 1

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 1798

Net Income ($mil) 12/2010 = 1531

Net Income ($mil) 12/2009 = 1304

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = -4.15

Q Net Incm this Q/ same qtr yr ago = -27.55

EBITDA ($mil) 12/2011 = 3247

EBITDA ($mil) 12/2010 = 3063

EBITDA ($mil) 12/2009 = 2779

Net Incm Rpt Qtr ($mil) = 445

Anl Net Incm this Yr/ Net Incm last Yr = 17.5

Cash Flow ($/sh) 12/2011 = 3.32

Cash Flow ($/sh) 12/2010 = 3.05

Cash Flow ($/sh) 12/2009 = 2.76

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 14880

Sales ($mil) 12/2010 = 14797

Sales ($mil) 12/2009 = 14691

Dividend history =

Div Yield = 3.2

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 2.88

Annual Dividend 12/2011 = 1.12

Annual Dividend 12/2010 = 0.96

Forward Yield = 3.2

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.96

Dividend sustainability

Payout Ratio 09/2011 = 0.49

Payout Ratio 06/2011 = 0.49

Payout Ratio 5 Yr Avg 12/2011 = 0.46

Payout Ratio 5 Yr Avg 09/2011 = 0.46

Payout Ratio 5 Yr Avg 06/2011 = 0.46

Change in Payout Ratio = 0.04

Performance

% Ch Price 52 Wks Rel to S&P 500 = 0.21

Std Dev Target Price Est = 2.5

Avg EPS Surprise Last 4 Qtr = -0.14

EPS % Change F2/F1 = 10.24

Next 3-5 Yr Est EPS Gr rate = 8

Std Dev 3-5 Yr Est EPS Gr rate = 0

EPS Gr Q(1)/Q(-3) = -135.71

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 11.12

ROE 5 Yr Avg 12/2011 = 24.56

ROE 5 Yr Avg 09/2011 = 24.34

ROE 5 Yr Avg 06/2011 = 24.12

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 13.66

Return on Investment 06/2011 = 13.85

Debt/Tot Cap 5 Yr Avg 12/2011 = 46.43

Debt/Tot Cap 5 Yr Avg 09/2011 = 46.2

Debt/Tot Cap 5 Yr Avg 06/2011 = 45.96

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.78

Current Ratio 06/2011 = 0.84

Curr Ratio 5 Yr Avg = 0.87

Quick Ratio = 0.63

Cash Ratio = 0.31

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = 8.22

Interest Coverage 06/2011 = 7.48

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 10.96

Book Value Qtr ($/sh) 06/2011 = 10.84

Anl EPS before NRI 12/2007 = 1.59

Anl EPS before NRI 12/2008 = 1.76

Anl EPS before NRI 12/2009 = 1.99

Anl EPS before NRI 12/2010 = 2.3

Anl EPS before NRI 12/2011 = 2.48

Price/ Book = 3.48

Price/ Cash Flow = 11.49

Price/ Sales = 1.56

EV/EBITDA 12 Mo = 9.04

P/E/G F1 = 1.87

Q1 Std Dev/ Consensus = 0.02

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.96

P/E F1/ LT EPS Gr = 1.87

Std Dev Cons Current Qtr = 0.01

Median Est Next Qtr = 0.69

# Anlst in Cons Q3 = 7

Conclusion

As the markets are extremely overbought, investors should wait for a strong pullback before committing any fresh money to this market.

EPS, EPS surprise, broker recommendations and price and consensus charts sourced from zacks.com. Earnings estimates and growth rate charts for PM sourced from dailyfinance.com. Earnings vs. estimates charts sourced from smartmoney.com. Free cash flow yield, income from cont operations, and revenue growth sourced from Ycharts.com. dividend history charts sourced from dividata.com. Share repurchase table, Asia operating companies income table and Latin America and Canada operating companies tables sourced from pmi.com

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: This list of stocks is meant to serve as a starting point. Please do not treat this as a buying list. It is imperative that you do your due diligence and then determine if any of the above plays meet with your risk tolerance levels. The Latin maxim caveat emptor applies-let the buyer beware.